Government urged to eliminate TFSA loophole

Experts are calling for the Conservative government to eliminate a TFSA loophole that could benefit Canada’s wealthiest investors, reports CBC News.

Read: Canada’s wealthiest people are…

Right now, TFSA income and capital gains are not included when it comes to determining eligibility for income-tested government benefits such as OAS and GIS.

That means wealthy investors who have significant TFSAs could still qualify for government assistance they may not need, Rhys Kesselman, who holds the Canada Research Chair in Public Finance at Simon Fraser University, told CBC.

Another expert is calling for government benefits to be asset-tested, rather than income-tested. Read more.

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